To prevent any big or small damage to manufacturing units, or associated resources, companies are relying on data. This in turn avoids any incurring loss in monetary terms or lives. Data, apart from providing future growth insights of a particular company, also helps in improving operations of equipment. This technique is influencing the oil and gas industry majorly. Further, the collected data is assisting in the growth of industry.
The need of generation of data and further requirement to integrate and interpret the data is fuelling the growth of the big data oil and gas market. As per report published by Transparency Market Research, the big data in the oil and gas market is likely to rise at a lucrative CAGR of 16.6% from 2018 to 2026. The valuation of the global big data in oil and gas market is anticipated to reach US$10.93 bn by 2026.
Unstructured Data Requires Integration and Interpretation for Future Growth Analysis
With the strides in the oil and gas industry globally, data is also generated in terms of variety, and volume. The data is usually generated from various sources such as well logging data, geological data, and seismic data. Large amount of data collection is creating the need for technologies that can assist in integrating and interpreting large amounts of data collected in structured and unstructured form. The need for systematic analysis of the data for future insights is fuelling the growth of big data in oil and gas market.
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As a result of huge data generated from various sources such as geological data, sensor data, environmental data, and oceanographic data, unstructured data is likely to contribute 86% of global big data in oil and gas market share by the end of the forecast period.
A number of information technology providers are working in the domain of data analytics to provide solution for the aforementioned need. This, in turn, is likely to contribute in the growth of big data oil and gas market in the tenure of forecast period. Amid the demand for big data oil and gas market, researching tools are also gaining attention.
Demand for High Operational Efficiency Fuels Big Data in Oil and Gas Market in North America
Among all regions, North America alone is holding 39% of the share in global big data in oil and gas market. This is due to rise in oil production in the region, which is further fuelling the demand for big data analytics to enhance the operational efficiency. Globally the U.S. contributes 15% to the entire oil and gas production, and hence dominates the global market.